Stocks trimmed gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 155.39 points or 0.41% at 37,711.55. The Nifty 50 index was up 30.75 points or 0.27% at 11,391.55. IT stocks declined. Index heavyweight and private banking major ICICI Bank gained. Index heavyweight Reliance Industries advanced.
Domestic stocks saw a gap-up opening on positive Asian stocks. Stocks trimmed gains soon after hitting fresh intraday high in morning trade. The Sensex and the Nifty, both, scaled record high in morning trade. Key benchmark indices once again regained strength in mid-morning trade.
The S&P BSE Mid-Cap index was up 0.39%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.57%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,493 shares rose and 955 shares fell. A total of 153 shares were unchanged.
Index heavyweight and private banking major ICICI Bank gained 3.46% to Rs 315.35.
Index heavyweight Reliance Industries advanced 1.14% to Rs 1,190.15.
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L&T rose 0.21%. L&T during market hours today, 6 August 2018 said that its construction arm L&T Construction has won order valued Rs 1296 crore across various business segments.
IT stocks declined. Oracle Financial Services Software (down 1.57%), Infosys (down 0.22%), HCL Technologies (down 0.66%), MindTree (down 0.17%), Hexaware Technologies (down 0.95%) and Mphasis (down 0.92%) fell. Tech Mahindra (up 1.04%) rose.
Wipro fell 0.4%. Wipro said it effected a settlement for the release of all claims under the lawsuit with National Grid US and a Stipulation of Discontinuance of the lawsuit has been filed in the US District Court for the Eastern District of New York. The formalities for withdrawal of the lawsuit are expected to be completed shortly. The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties. The announcement was made on Saturday, 4 August 2018.
The lawsuit was filed by National Grid US in 2017 seeking damages amounting to $140 million plus additional costs related to an ERP implementation project. National Grid has been a valued customer of Wipro for over a decade and both organisations have had a mutually beneficial relationship over the years. Wipro said it believes that this settlement will be commercially beneficial for the company and will help it remain focused on growth. The settlement is expected to reflect in the financials of Wipro for the quarter ending 30 September 2018.
TCS rose 0.23% to Rs 1,981.95. TCS announced that it fixed 18 August 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company. The announcement was made on Saturday, 4 August 2018.
In June 2018, TCS' board approved buyback of upto 7.61 crore equity shares, aggregating upto 1.99% of the fully paid-up equity share capital of the company, at Rs 2,100 per share, for an aggregate amount not exceeding Rs 16000 crore.
Overseas, Asian stocks were trading higher as earnings seasons rolls on. US stocks closed higher Friday, 3 August 2018 as positive earnings surprises lifted shares.
On the data front, the US posted another solid spurt in hiring in July. Some 157,000 new jobs were created last month despite widespread complaints among businesses about a shortage of skilled labor, the Labor Department said Friday. The total number of new jobs created in June and May was upwardly revised by a combined 59,000. Unemployment, meanwhile, slipped below 4% again, to 3.9%, as more people found work. The jobless rate is at a nearly two-decade low.
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